<Page>

   As filed with the Securities and Exchange Commission on November 13, 2002
   =========================================================================

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                             ______________________

                               Schedule TO/A
           Tender Offer Statement under Section 14(d)(1) or 13(e)(1)
                   of the Securities Exchange Act of 1934
                            (Amendment No. 1)

                      The Latin America Equity Fund, Inc.
                      (Name of Subject Company (issuer))

                      The Latin America Equity Fund, Inc.
                 (Names of Filing Persons (offerer and issuer))

                  Common Stock, Par Value $0.001 Per Share
                      (Title of Class of Securities)

                              51827Q106
                   (CUSIP Number of Class of Securities)

                          Michael A. Pignataro
                         Chief Financial Officer
                    The Latin America Equity Fund, Inc.
                          466 Lexington Avenue
                               16th Floor
                      New York, New York 10017
                           (212) 875-3500
     (Name, address, and telephone number of person authorized to receive
              notices and communications on behalf of filing persons)

                                With a copy to:

                           Daniel Schloendorn, Esq.
                           Willkie Farr & Gallagher
                             787 Seventh Avenue
                        New York, New York 10019-6099

                          Calculation of Filing Fee

===============================================================================
 Transaction Valuation                                   Amount of Filing Fee
- -------------------------------------------------------------------------------
 $ 11,569,695(a)                                              $1,064(b)
===============================================================================

(a) Calculated as the aggregate maximum purchase price to be paid for
    1,115,689 shares in the offer, based upon a price per share of $10.37,
    which represents 95% of the net asset value per share at October 4, 2002.

<Page>

(b) Calculated as the Transaction Valuation multiplied by 0.000092.

[x] Check the box if any part of the fee is offset as provided by
    Rule O-11(a)(2) and identify the filing with which the offsetting fee
    was previously paid. Identify the previous filing by registration
    statement number, or the Form or Schedule and the date of its filing.

    Amount Previously Paid: $1,064
    Form or Registration No. Schedule TO
    Filing Party: The Latin America Equity Fund, Inc.
    Date Filed: October 8, 2002

[ ] Check the box if the filing relates solely to preliminary communications
    made before the commencement of a tender offer.

    Check the appropriate boxes below to designate any transactions to which
    the statement relates:

[ ] third-party tender offer subject to Rule 14d-1.

[X] issuer tender offer subject to Rule 13e-4.

[ ] going-private transaction subject to Rule 13e-3.

[ ] amendment to Schedule 13D under Rule 13d-2.

    Check the following box if the filing is a final amendment reporting the
    results of the tender offer: [x]

<Page>

     This Amendment No. 1 amends and supplements the Tender Offer Statement
on Schedule TO (the "Schedule TO") filed with the Securities and Exchange
Commission on October 8, 2002, by The Latin America Equity Fund, Inc., a
Maryland corporation (the "Fund"), relating to the offer by the Fund to
purchase for cash up to 1,115,689 of the Fund's issued and outstanding shares
of Common Stock, par value $0.001 per share, upon the terms and subject to
the conditions set forth in the Offer to Purchase (the "Offer to Purchase")
and in the related Letter of Transmittal, copies of which are attached as
Exhibits (a)(1) and (a)(2) to the Schedule TO (the "Tender Offer").

     The Schedule TO is hereby amended and supplemented by adding the
following:

     A total of 4,896,029 shares of the Fund's Common Stock were tendered in
the Tender Offer, prior to the expiration of the Tender Offer at 5:00 p.m.,
New York City time, on November 6, 2002.  The Fund accepted 1,115,689 shares
of Common Stock for payment at a price of $10.81 per share.  On a pro-rated
basis, 22.79% of the shares of Common Stock tendered by each tendering
stockholder were accepted for payment.

     Reference is hereby made to the press release issued by the Fund on
November 6, 2002 a copy of which is attached hereto as Exhibit (a)(9) and is
incorporated herein by reference and the press release issued by the Fund on
November 13, 2002 a copy of which is attached hereto as Exhibit (a)(10) and
is incorporated herein by reference.

ITEM 12.   EXHIBITS.

Exhibit (a)(9)  Text of Press Release issued by The Latin America Equity
                Fund, Inc. on November 6, 2002.

Exhibit (a)(10) Text of Press Release issued by The Latin America Equity
                Fund, Inc. on November 13, 2002.

<Page>

                                   SIGNATURE

     After due inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and
correct.

                                            THE LATIN AMERICA EQUITY FUND, INC.



                                            By: /s/ Michael A. Pignataro
                                                ------------------------
                                                Michael A. Pignataro
                                                Chief Financial Officer

Date:  November 13, 2002

<Page>

                                 EXHIBIT INDEX

The following item is hereby added to the Exhibit Index:

  EXHIBIT NO.                             EXHIBIT DESCRIPTION
  -----------                             -------------------


Exhibit (a)(9)   Text of Press Release issued by The Latin America Equity
                 Fund, Inc. on November 6, 2002.

Exhibit (a)(10)  Text of Press Release issued by The Latin America Investment
                 Fund, Inc. on November 13, 2002.